QuantumTech
Long

POT/USD waiting for a bullish descending triangle breakout

BITTREX:POTUSD   PotCoin / US Dollar (calculated by TradingView)
We are starting our Potcoin analysis on the four-hour chart. Looking to the left, we can see, that the price has been constantly forming lower highs and lower lows for the past couple of weeks. That is the indication, that the trend that we are looking at on the longer timeframe is bearish . The bearish movement has now almost stopped, as the price is moving sideways. This has happened at the previous support/resistance level.

On the one hour chart, we can see, that the price has formed a descending triangle in this sideways movement. We are close to the triangle breakout, as the price movement is approaching the triangle tip. We do expect the price to bounce from the previously mentioned support/resistance line, and so we also expect the triangle breakout to be in the bullish direction.



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